Non-life insurers post 18% growth in May 2012

Chennai: The Indian non-life insurance sector logged an overall premium growth of 18.27 percent in May 2012 as compared to the same period of 2011, as per figures released by Insurance Regulatory and Development Authority (IRDA) Wednesday.

In May, the 24 non-life insurers posted a total premium of Rs.4,880.81 crore up from Rs.4,005.96 crore earned in May 2011.

However the premium growth was higher in the case of government-owned insurers as compared to private players.

The six public sector non-life insurers (New India Assurance Company, National Insurance Company, Oriental Insurance Company, United India Insurance Company, Export Credit Guarantee Corporation and Agricultural Insurance Company) together wrote a premium of around Rs.2,836 crore as against the remaining 18 private players who had booked around Rs.2,044 crore.

City based United India leads the industry earning a premium of around Rs.773 crore and is followed by New India with Rs.707 crore in May.

The private sector club is led by ICICI Lombard with a premium of around Rs.358 crore followed by Bajaj Allianz that earned around Rs.309 crore last month.

Among the city based non-life insurers, while United India maintained its lead, private player Cholamandalam MS General Insurance overtook Royal Sundaram Alliance last month.

Cholamandalam MS earned a premium of Rs.132 crore as against Royal Sundaram's Rs.121 crore.